NoHo Partners delivered a robust Q2 performance as the Norwegian operations normalised and the Finnish business rebounded, while Denmark continued its strong, broad-based growth. We believe the company has moved past its operational challenges and expect robust profitability levels going forward, supporting the 2026 guidance for the EBIT margin to remain at its current good level. With the Finnish market recovery showing positive signals, and new openings and M&A offering upside potential, we view the near-term outlook as back on solid ground. With our slightly higher estimates, we derive a higher fair value range of EUR 10.1-12.8 (9.0-11.6) by equally weighing our DCF- and SOTP-based valuation methods.